Save money on your income cover with a specialist provider
- 4TH OCTOBER 2007
If you want the peace of mind and security that income cover can give then it is essential that you shop around for this valuable insurance and get it from a standalone specialist provider. Income cover can give great peace of mind but it can also be expensive and there are exclusions in a policy that could mean the cover wouldn’t be in your best interests.
Income cover is taken out for a premium each month which is based on your age at the time of taking out the policy, the level of cover you require and the amount of your income that you want to insure. Providing a policy would be suitable for your needs then it would give you a monthly income once you had been out of work for a pre-defined period of time which can be anywhere from 31 days to 90 days depending on the providers. Once the cover begins to payout then it would continue to do so for up to 12 months and with some providers for up to 24 months.
Going with standalone providers for your income cover quotes will get you the cheapest premiums for the cover and a provider such as British Insurance offers quality products which are backed up by years’ of experience. You do have to make sure that a policy would be suitable for your circumstances as there are exclusions which could mean you would be ineligible to make a claim. Usual exclusions to most income cover insurance are if you are retired, only in part time employment or if you have an illness at the time of taking out the policy.
A standalone provider will make sure that they give you the information you need to be able to make an informed decision regarding the product’s suitability and Managing Director of British Insurance Simon Burgess urges consumers to make sure that they read the small print of the insurance “… as a lack of information and understanding is what led to the mis-selling of policies in the past.”
If you want to save money on your income cover then you have to go to a specialist provider and get several quotes for the cover after ensuring that it is a suitable product for your circumstances.
